Copper Prices Surge Amid Weak Downstream Demand, Spot Premiums and Discounts Continue to Weaken [SMM North China Spot Copper]

SMM September 11:

Today, spot prices of #1 copper cathode against the front-month contract in North China were at a discount of 180-140 yuan/mt, with an average discount of 160 yuan/mt, down 10 yuan/mt from the previous trading day. Transaction prices ranged from 79,880 to 79,980 yuan/mt, with an average of 79,930 yuan/mt, up 395 yuan/mt from the previous trading day. Copper prices climbed above the 80,000 yuan/mt mark, while consumption remained sluggish. Additionally, the local copper rod market was impacted by enterprises from the northwest, leading to poor downstream buying interest in North China, and spot premiums/discounts weakened further. Today, the procurement sentiment for copper cathode in North China was 1.33, down 0.12 from the previous trading day, and the sales sentiment was 2.28, down 0.05 from the previous trading day ().